The Day In Review: Biotech Strong While Market Slides

April 8, 2005 While the rest of the market went into a broad decline, biotech put together a meaningful gain. The Centient Biotech 200 gained 30.50 points (.97%), closing at 3177.68. That was a marked divergence with the rest of the market: the NYSE Composite sold off .63%, and Nasdaq was .96% lower. Celgene completed its new drug application for Revlimid, Ligand paid down (further) the royalty rates for its cancer drug Ontak, Array and Genentech will do another cancer partnership, the auditors for NeoRx put a "going concern" warning on its financial statements, and we look at whether there's a chance for a mega-deal between Pfizer and Merck. More details...